US Oil rig count down by 6. Exxon says it will not drill in US shale oil even at oil price of $40. Definitely no sign the US shale oil business will spring back to life when oil hits $40 despite WTI May futures trading above $40. OPEC oil production down by 90k bpd. And that includes Iran increasing oil production by over 200kbpd. IEA starting to take a different view on oil over supply. It won't be long before other experts and pundits makes a u-turn on their thinking on oil oversupply.
Oil Rally Confirmed, page-22
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